10.2.5 Reconcile Cash Receipts Daily

Policy Statement

To ensure all funds are properly accounted for, units must reconcile received funds daily. Proper segregation of duties ensures that no one person has sole control over the entire cash handling process from receiving to reconciling. Someone other than the person receiving and depositing the money must perform the reconciliation.

Procedure

To reconcile cash receipts daily:

Total the amount of the cash and checks received. Remove the change fund amount, if any, from the day's receipts.

Prepare a total of all receipts or transaction records. Subtract all voided or refunded transactions to determine your net intake.

Compare the total from Step #1 to the total of Step #3. If the comparison reveals an overage or shortage, record that amount.

Debit any shortage to the correct unit fund.

Credit overages to the correct unit fund.

Report any significant shortage (or theft) to your campus University Student Financial Services and Cashier Operations (USFSCO) as soon as possible. If the loss appears to be due to theft or fraud, notify your campus police and the Office of University Audits immediately.

Complete a Report of Cash Sales/Money Received electronic form or one of the carbonless paper versions available on each campus.

Reconciler should compare the receipt from USFSCO to the Report of Cash Sales/Money Received form and to the receipts or transaction records. Report discrepancies to USFSCO immediately by phone, email, or in person.

Forms Used in this Procedure

Department Deposit
Paper forms:Report of Cash Sales (item #11485820) (available for purchase from the Urbana campus iStores)Report of Cash Receipts (available for purchase from the UIC Medical Bookstore at 312-413-0429)